The sudden closure and lost pay did not surprise former employees of other companies once owned by OpenGate Capital the Los Angeles-based private equity firm that bought PennySaver in 2013. Location. Similarly, employees at Golden Guernsey learned their company was closing when they showed up to work only to find the doors locked. OpenGate closed PennySaver on May 22 without warning. The cases that former employees have highlighted as OpenGate failures include: the shuttering of Golden Guernsey on a Saturday morning in 2013, with no notice to employees; the closure of Connecticut-based Fusion Paperboard shortly after it had received a state loan to stay put for 10 years; and the shutdown of OpenGates laboratory furniture business, Hamilton Scientific, after it discovered that a drug cartel had overrun its Mexico plant and it was evicted from its Texas facility. Doing otherwise could create confusion, disruptions and other difficulties with operations.. But in some cases, as with PennySaver, external circumstances frustrate our ability to have our investments realize their full potential.. OpenGate sued Thermo Fisher for breach of contract, negligent and fraudulent misrepresentation, and other things. 3 min read. OpenGate Capital, LLC, et al., Central District of California, Case No. Not the case? You should only be asked to sign in once. [7] Nikou studied finance at the University of Southern California Marshall School of Business. Nikou instead tries to generate goodwill as a philanthropist and has even started his own foundation, which boasts of a mission driven by values empowering individuals and communities. Nikou still sits on numerous boards, including that of the Hammer Museum in Los Angeles. "OpenGate Capital Acquires Philips Business Communications in Brazil," Latin America Venture Capital, 3-18-2010. We look to establish collaborative relationships with companies to drive operational improvement and realize opportunities for long-term value creation. No tags have been applied so far. Those who cashed the bad checks were left on the hook for penalties levied by their banks. OpenGate Capital, a Los Angeles firm that amassed $5 billion in revenue during its first decade in business, has run exactly that playbook in Janesville since acquiring Hufcor in 2017. . In December 2014, OpenGate Capital hired Realization Services, an East Coast company specializing in turnaround management. Financing terms required PennySaver to meet certain financial goals and maintain various debt ratios at certain levels. 9JANESVILLE The labor union that represents workers at Janesville's Hufcor factory is now pressuring Hufcor owner OpenGate Capital with a shame campaign that's playing out in Los Angeles, OpenGate's corporate home city. Six months after the purchase, OpenGate sued Thermo Fisher, saying the company had concealed the fact that the Reynosa, Mexico, facility was under seige by the Gulf cartel, whose senior members brandished weapons at company employees and parked tractor trailers and cars at the facility. Nikou and OpenGate executives wouldnt discuss PennySavers closing. The Golden Guernsey plant employed over 100 workers. The lab workstations unit, headquartered in Wisconsin, had facilities in Mexico, Texas and Arkansas. But not all OpenGate deals have worked out. Golden Guernsey owes the ex-employees that money, and it also owes $30,000 in penalties because it failed to notify the mayor of Waukesha, the town where Golden Guernsey was located, that mass layoffs were imminent, the state agency ruled. An uncommon approach to investing in and growing complex businesses. Post-closing, Open Gate employee Andrew Nikou was appointed as the sole member of Golden Guernsey. Fusion employees received 60 days notice in July and stayed on until the mill closed in September. To date, the firm has completed more than 75 transactions, including acquisitions and divestitures, and has acquired more than $8 billion in gross consolidated revenues. Federal Civil Lawsuit California Central District Court, Case No. Banks dont do this. Every major bank in the U.S. covers the payrolls.. 20201 an 1 mois. Thermo Fisher was not immediately available for comment outside of normal U.S. business hours. OpenGate Capital, a Los Angeles firm that amassed. Please prove that you're human. We need to take legislative action in Congress to rip up the predatory playbook that these private equity firms use to leave workers with nothing but pink slips and lost livelihoods, Senator Tammy Baldwin of Wisconsin, , the first major effort to reform the private equity sector, in the last Congress. It had about 100 workers, some of whom arrived at the plant one January morning to find the gates locked, according to state documents. In 2005, entrepreneur Andrew Nikou used $30,000 from his own savings to form a private equity firm, OpenGate Capital. The lawsuit was dismissed in April 2016. We look to establish collaborative relationships with companies to drive operational improvement and realize opportunities for long-term value creation. 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Weinbergs cash was to be held in escrow until stocks held by Darden Sr. were placed in a collateral account. 2023 NYP Holdings, Inc. All Rights Reserved, this week sits in the legal dock in Manhattan federal court, pleaded guilty to his own Maxim-related fraud charges in November, Woman has 'loud, full body orgasm' in the middle of LA concert, $76K NJ boarding school admits falling 'tragically short' in protecting teen who killed self after bullying, 'rapist' taunts, Meghan Markle's ailing dad says he refuses 'to be buried by her' in 'final ever' interview, Rihannas iconic Met Gala looks through the years, Fans question North Wests lavish pre-Met Gala gift for Kim Kardashian: No way, Perez Hilton: Boring Meghan and Harry need to give up and move back to UK, Elon Musk Tells Bill Maher Woke Mind Virus Is Dangerous On Real Time, Prince Harry's coronation role still a mystery as William's is revealed. Kasoff said that his sole focus after his company was brought in was on fixing PennySaver and that a shutdown was never contemplated until Capital One shut off credit without explanation. Roughly $4.9 million of the $5.5 million of Weinbergs cash, forwarded to Newkirk, disappeared on Nov. 12, 2013, when a fake email, purportedly from Weinberg, released the money, prosecutors charge. With a strategic international presence and a focus on corporate carve-outs and complex . Kasoff, making the first extended comments on behalf of PennySaver since its closure, said the default was technical and that the company was paying down the loan. OpenGate Capital raised a new fund: OpenGate Capital Partners II ($585,000,000) News Aug 20, 2019 FinSMEs OpenGate Capital Adds Mr. Damian Blazy as Principal in Operations Reporting by Pallavi Ail in Bangalore, Karl Plume in Chicago; editing by Gunna Dickson. 19, Ex. OpenGate Capital, a global private equity firm, announced today in a joint statement with its portfolio company, Hufcor Inc. ("Hufcor"), the world leader in the design, manufacturing and installation of movable partitions and flexible space management solutions, the appointment of Mr. Koben Miceli as Chief Executive Officer, effective immediately. . In 2011, the firm acquired NorPaper Avot Valle, a specialty paper manufacturer based in France. Lauren moved back to the states in 2011 and now lives in Long Beach. This is ClassAction.org's current list of open lawsuits and investigations. OpenGate, which acquired PennySaver in 2013, specializes in buying units of larger companies and reselling them. A runner, rock climber and board game enthusiast, Lauren is perpetually training for the next race day. In December 2014, while their lawsuit against Thenno Fisher was pending, the OpenGate and RoundRock entitles negotiated a sale-leaseback agreement for the . OPENGATE CAPITAL GROUP, LLC, OPENGATE CAPITAL MANAGEMENT . A fully integrated team of origination, investment and operations professionals. Generating long-term value Wrong. during its first decade in business, has run exactly that playbook in Janesville since acquiring Hufcor in 2017. OpenGate Capital, the private equity firm that owns their employer, Hufcor, announced it was moving their plant out of Janesville taking those workers jobs and livelihoods with it. In 2005, Nikou founded OpenGate Capital with $30,000 from his own savings. ScioTeq, a market leader and established name in visualization solutions for the Air Traffic Control, Avionics and Defense markets, is entering a new era as a standalone company as the result of the acquisition by Private Equity firm OpenGate Capital as of 01 July 2021. To date, OpenGate has laid off 678 California workers from the Pennysaver classified ad magazine, 100 Wisconsin workers at its Golden Guernsey dairy plant, 140 employees of the Connecticut boxboard company Fusion Paperboard, and nearly 200 employees in Texas, Arkansas, and Wisconsin, who worked for Hamilton Scientific, an OpenGate-owned laboratory furniture company. Grace Matthews advised Chemsolv on the transaction. Ive been doing this over three decades. In too many cases with private equity, big firms acquire businesses and squeeze them for cash, routinely causing bankruptcies. The spokesman, who did not want to be identified because of pending litigation, said the company warned workers about the possibility of a plant closure when it learned of the eviction threat. Uber drivers and other app-based workers are facing an all-out safety crisis. OpenGate is moving the plant to Mexico anyway. Elaine Buckley, a former senior vice president for sales and a 35-year employee, said she believes the company was in liquidation mode for months. OpenGate has said that it boosted sales at the plant by 20%, but that the shutdown was forced by creditors and others who refused to make concessions on contracts that were not sustainable. I just dont find it funny to ruin peoples lives. [22] The deal was the fifth platform investment from OpenGate's debut fund. In February, the PennySaver building on Orbiter Street in Brea was sold for $14 million, according to public records. OpenGate Capital Group LLC et al v. Thermo Fisher Scientific Inc, Court Case No. [11] Also in 2009, OpenGate purchased children's publishers Fleurus Presse and Junior Hebdo from Groupe Le Monde. Mr. Moazami is currently the Chairman of Astrea Acquisition Corp (NASDAQ: ASAX) and Vcinity [] Its website says its businesses generate annual revenue of about $3 billion, making it a small player. Only months after signing the new union contract, employees were notified that the mill would close, said Richard Harrelle, president of the Steelworkers Local 1840, which represented around 100 of the approximately 145 people who worked at the company. Its a story about predatory private equity run amok. The private equity firm bought the dairy in September 2011, after the Department of Justice required its previous owner, Dean Foods, to sell it because of antitrust concerns that Dean had too large a share of the school milk business. The first named plaintiff, OpenGate Capital Group LLC, and four of its subsidiaries named as plaintiffs are creatures of Delaware law as well. This case was filed in U.S. Courts Of Appeals, U.S. Court Of Appeals, Ninth Circuit. So far, six lawsuits have been filed against OpenGate Capital and/or PennySaver in local and federal courts for failing to notify employees of mass layoffs, according to Richard McCune, a lawyer . OpenGate has a history of buying companies only to close operations shortly thereafter, leaving communities across the country in the lurch. 2019 - janv. OpenGate nevertheless was lured back in as a short-term lender to Darden. Confronted with this looming loss, Hufcor employees, Janesville residents and CWA union organizers have rallied against OpenGates greedy and exploitative practices. In early 2014, Fusion signed a six-year contract with the union representing its employees. Three days later, the company filed for Chapter 7 bankruptcy liquidation. LOS ANGELES - June 1, 2022 - OpenGate Capital, a global private equity firm, announced that it has exited its investment in EverZinc, a global provider of specialty zinc materials, through a sale to U.S. Zinc, a portfolio company of Aterian Investment Partners. What makes Janesville special in a lot of peoples minds is that we really had the real glory years here, former State Senator and activist Tim Cullen said. Investment Represents Strategy to Create European Aluminium Solutions Group. This rating has decreased by -11% over the last 12 months. Employees at other OpenGate-owned companies have voiced similar complaints. At their side are elected officials who know that the whole country needs tough measures to reform private equity. It agreed to provide $3.1 million in financing in November 2013 for five days. Andrew Nikou Founder, Chief Executive Officer OpenGate Capital 10250 Constellation Boulevard, 30th Floor The goal of this section is to provide consumers with a comprehensive resource on class action and mass tort lawsuits. Our six-week newsletter will help you make the right decision for you and your property. The state had awarded the company the loan with the understanding that it would stay in Connecticut 10 years. They just dont flat out care about being a reputable business, from my perspective, Osten said. OpenGate Capital is talking to limited partners about launching its next flagship, which could target up to $850 million, sources told Buyouts. We've received your submission. However, after making a few payments, Fusion defaulted on a loan from the state of Connecticut, said State Sen. Cathy Osten, who is also the first selectman of Sprague the small town where Fusion was the main employer. OpenGate tried to buy Maxim in early 2013 but was outbid by Darden Media Group. Nikou grew up with a passion for trading baseball cards and competing in breakdancing competitions. This post was guest authored by Elisa McCartin. To me, you dont sign a six-year contract and decide to close a facility.. [35][36][37], Nikou is married with children and resides in Nevada.[7]. In October 2012, OpenGate Capital bought the laboratory workstations business of Thermo Fisher Scientific, a maker of laboratory furniture. Thermo Fisher, the world's largest maker of laboratory equipment and scientific instruments, agreed to acquire Life Technologies Inc LIFE.O in mid-April for more than $13 billion. Debra Clancy, a senior account manager at PennySaver, joined about 30 other former employees as they yelled towards the 17th floor of a building that houses OpenGate Capital in Century City during a recent protest against the company. OpenGate Capital Group, LLC, OpenGate Capital Management, LLC and PennySaver Investors, LLC's (collectively, "OpenGate"), which seeks to dismiss the Complaint3 filed by Don A. Beskrone, Chapter 7 Trustee for the estates of PennySaver USA Publishing, LLC, et al. Not meeting those goals or maintaining those levels would result in a default regardless of whether loan payments were made. Open Gate Capital aquired my company Pennysaver USA 1 1/2 years ago. Senator Baldwin was a co-sponsor of the Stop Wall Street Looting Act, the first major effort to reform the private equity sector, in the last Congress. [30][31][32], Nikou sits on the Board of YELLOW, the non-profit organization founded by Pharrell Williams. Former employees of other OpenGate Capital portfolio companies have similar stories of hardship, and some warn that the ex-PennySaver employees are up against serious challenges. OpenGate Capital has an overall rating of 3.9 out of 5, based on over 15 reviews left anonymously by employees. OpenGate Capital. The firm faced six different lawsuits after abruptly laying off Pennysaver employees in the middle of a work day and failing to give workers their final paychecks. Even as hundreds of American workers have suffered from OpenGates schemes, Andrew Nikou, the OpenGate founder and CEO, has not faced any meaningful financial or social consequences for repeated business failures at the hands of his firm. OpenGate said PennySaver had to be closed because Capital One unexpectedly pulled its line of credit at the last minute. But the checks, it turned out, would not clear. OpenGate tried to buy Maxim in early 2013 but was outbid by Darden Media Group. . OpenGate Capital is a global private equity firm active in the lower middle-market and focused on acquiring corporate carve-outs, divestitures and special situations throughout North America, Western Europe and Latin America. June 16, 2021. Your email address will not be published. After the Fusion facility closed in September 2014, the state launched several programs to retrain workers, Osten said. He said that cost cuts and other moves had pushed PennySaver back toward profitability by May and the company was nearing the end of negotiations to refinance the line of credit or sell the company when Capital One stopped returning the companys calls. They have a right to do what they did as far as liquidate the company, but they dont have a right to do it in the manner they did.. This isnt just another story about corporate globalization or pandemic upheaval. [1] The firm is focused on the acquisition of lower to middle market businesses that are often privately owned, or non-core divisions of larger companies located around the world. It came as a complete shock to the management at the dairy and the union that they were about to close, said Eileen Appelbaum, a senior economist at the Washington, D.C.-based Center for Economic and Policy Research, whose book Private Equity at Work: When Wall Street Manages Main Street devotes a chapter to the Wisconsin dairy. OpenGate is a global private equity firm that acquires and . Headquartered in Los Angeles, California, . Why is Frank McCourt really pushing it? OpenGate manages a diverse, global portfolio across key verticals within Industrials and Technology sectors. and prioritize people, not private equity profits. After we signed a contract we thought we were golden, but two months later they told us they were closing the place, Harrelle said. OpenGate sold OMMIC to Egalux SA Luxembourg in 2008. . Industry: Investment & Asset Management. Hufcor, a market-leading producer of accordion-style doors and mobile room partitions, was profitable when OpenGate bought it. On May 27, 2021, 166 workers in Janesville, Wisconsin awoke to a nightmare. Sign in to add some. Kasoff, who also handled the Connecticut plant for OpenGate, said Fusion acted properly in all respects in selling some assets to a competitor and said it retains ownership of its real estate and other assets, which it will sell to pay off creditors. (Photo provided by Americans for Financial Reform). The case status is Pending - Other Pending. [23] OpenGate rebranded the business EverZinc; within Umicore it had generated $425 million in revenue in 2015.[24]. Type: Company - Private. And in 2010, OpenGate acquired Brazilian-based Philips Business Communications, since renamed Sopho which was merged into Getronics LATAM, and Finland-based KotkaMills, a laminating paper and wood business. Andrew Nikou is the Founder and Chief Executive Officer of OpenGate Capital, a Los Angeles-based firm with offices in Paris, France. OpenGate is not facing any lawsuits for lack of notification with regard to the mills closure. How to avoid leaving money on the table, Congressional investigators blame airlines for most flight cancellations, First Republic Bank stock plunges to record low as rescue plan proves elusive, Fed faults Silicon Valley Bank execs and itself in bank failure. In January of this year, Thermo Fisher initiated the eviction of Hamilton Scientific from its Texas facility, alleging that it had failed to pay rent on time three times. The efforts by Cerberus Capital Management to unload Maxim magazine in late 2013 may go down as one of the most litigious divestments in publishing history. Sontchi, C.J. Emerging managers like OpenGate are seeking reception with limited partners, who generally have been happy to stick with their established relationships in uncertain markets. He just settled this one, DeSantis board approves suing Disney in response to lawsuit, Regulators seize First Republic Bank, sell to JPMorgan Chase, What the work-from-home era has done to office politics, First Republic up in air as regulators juggle banks fate. But in court papers, Hamilton denied any illegal conduct. The younger Darden pleaded guilty to his own Maxim-related fraud charges in November and is cooperating with prosecutors in their pursuit of Newkirk. "Top Dealmaker Andrew Nikou: The founder of Opengate Capital is making a name for himself on reclamation projects," Danielle Fugazy, Mergers & Acquisitions, 12-7-2010. Darden promised to repay OpenGate $3.41 million on Friday for the loan made on Monday, according to court testimony. In addition, OpenGate was to get 10 percent in Maxim plus a $500,000-a-year annual consulting fee, according to testimony. Fahn, speaking for OpenGate, said that the union wasnt privy to the sale because the sale wasnt final. But those changes did not prepare workers for its sudden closure when, in the middle of the afternoon on a Friday, employees were asked to pack up and leave. EverZinc is headquartered in Lige . "Nicole Farhi Buyer OpenGate Set to Announce Three More Deals," David Altaner, Bloomberg, 3-15-2010. PennySaver workers are suing OpenGate in state and federal court, alleging that the company failed to provide adequate notice about the shutdown. To date, the firm has completed more than 75 transactions, including . In 2019, OpenGate acquired the German content-management platform CoreMedia. On Friday May 21,2015 they fired all employees. I worked the for a little over 4. Nikou, its founder, is a board member at the Hammer Museum and, until recently, at the Museum of Contemporary Art. 66% of employees would recommend working at OpenGate Capital to a friend and 61% have a positive outlook for the business. Read our website privacy and cookies policy for more information. June 18, 10:39 a.m.: An earlier version of this article and an accompanying photo caption reported that PennySaver workers were suing OpenGate Capital and its managing partner, Andrew Nikou. 10250 Constellation Blvd Fl 30, Los Angeles, California, 90067, United States. Hufcor, a market-leading producer of accordion-style doors and mobile room partitions, was profitable when OpenGate bought it. About OpenGate Capital. business closure in Janesville since the Great Recession. in Texas, Arkansas, and Wisconsin, who worked for the laboratory furniture company Hamilton Scientific. Also this year, four employees filed a lawsuit against Hamilton Scientific and OpenGate in Texas federal court, alleging they shuttered the plant without giving the legally required notice. They just care about lining their pockets with money. We are proud to have a history of successfully turning around these types of businesses, Fahn added. This spring, 166 workers in Janesville, Wisconsin awoke to a nightmare. We need to take legislative action in Congress to rip up the predatory playbook that these private equity firms use to leave workers with nothing but pink slips and lost livelihoods, Senator Tammy Baldwin of Wisconsin wrote. All in the name to make us more efficient. Its not a good sign, obviously, Kasoff said of the default. Please check your spam or junk folder just in case [17][18][19], In July 2016, OpenGate closed its first institutional fund, OpenGate Capital Partners I, at $305 million, exceeding its target of $300 million and raising about twice what the average new private equity fund does, according to Preqin. She briefly lived in Santiago, Chile where she edited an online magazine and worked as a translator for doctors from Malaysia following Chile's 8.8 earthquake in 2010. The private equity firm claimed that the Reynosa, Mexico-based manufacturing facility, which it acquired as part of a larger deal from Thermo Fisher, had been regularly infiltrated by gangs from the Gulf Cartel since at least 2011, according to a copy of the complaint seen by Reuters. Your activity looks suspicious to us. Most of my clients are in default. So far, the funds administrators have paid the utility bills of several employees. It is normal course and practice that all parties to a contemplated transaction withhold announcements to any outside parties until there is certainty there will be closure, Fahn said. This case was filed in Orange County Superior Courts, Civil Complex Center located in Orange, California. On 06/01/2015 MALLOY MITRA filed a Labor - Other Labor lawsuit against OPENGATE CAPITAL LLC. The trustee, Charles Stanziale, said OpenGate made no net investment in the dairy after its initial purchase and the value was consistently eroded over the months leading to bankruptcy. OpenGate is headquartered in Los Angeles and Paris and has a seasoned in-house team of professionals . here to register, Not for publication, email or dissemination, Veritas-backed HMH buys educational services nonprofit NWEA, Professional services company FMP inks $36.5m from Alaris, NMS recaps environmental services firms Texas Pride and Texas Dumpster Companies, MSCP invests in services for homeowners; Patient Square launches platform for medical device makers, Leonard Green to acquire minority stake in HUB; plus Investcorp, Sound Partners, Odyssey invest in HVAC, 700 million people will make their home in African cities over the next decade, said DPIs Marc Stoneham. Mr. Moazami's career spans 30+ years in the technology industry; predominantly in operating roles and the last nine years as a professional venture capitalist & advisor in Silicon Valley. The firm faced six different lawsuits after abruptly laying off Pennysaver employees in the middle of a work day and failing to give workers their final . Esko, a global developer of integrated software and hardware solutions for the packaging and label sectors, has confirmed the successful closing of the sale of its Kongsberg digital finishing business to OpenGate Capital on April 1 st 2021.. OpenGate Capital is a private equity firm headquartered in Los Angeles, California, with a European office in Paris and investments on five continents. These people have no idea what theyre in for, said Joanna Storm, whose husband, Robert, was abruptly laid off from OpenGate-owned Golden Guernsey Dairy in Waukesha, Wis., after working there 19 years. OpenGate Capital is a global private equity firm headquartered in Los Angeles, California and Paris, France that focuses on the acquisition and optimization of underperforming businesses in the lower middle market throughout North America and Europe. Nikou has received recognition for his business achievements. Nikou increased OpenGate's pace of international acquisitions in the 2010s. But there were no stocks because the elder Darden was never a part of the deal, it is alleged. To date, OpenGate has laid off 678 California workers from the Pennysaver classified ad magazine, 100 Wisconsin workers at its Golden Guernsey dairy plant, 140 employees of the Connecticut boxboard company Fusion Paperboard, and nearly 200 employees in Texas, Arkansas, and Wisconsin, who worked for the laboratory furniture company Hamilton Scientific. You get out of default.. Heres what the numbers show. BURKE v. TV GUIDE MAGAZINE GROUP, INC., 09-56989 (9th Cir. It would curb the industrys worst abuses and prioritize people, not private equity profits. With a strategic international presence and a focus on corporate carve . By continuing to use this site, closing this banner, or clicking I Agree, you agree to the use of cookies.
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